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reasons to deal with that. yes, raise taxes and you can cut spinding aomatically. if i were president and i said to everybody. take a 10 percent cut off of the top. i don't care how you get there, do it. >> i want to bring in john layfield again. i want to go back to his point. i agree with you. that the states who are about to get socked with obama care are going to neeled the revenues moving forward and this would be horrible for the statings. if all of the millions they are pulling in are taken away. >> i disagree with my friend tracey. people are going to choose. if they have i think that is it going to go. unlike the federal government. you take away the lotto money. first thing they will do they cut employees . it is it state government and federal government funded by the lottery. there is a defense between taxes that are forced and lotter which i it. >>> and i think the point. >> there is no way. if you make it vuntary. >> i can't hear anybody! >> and the bigger point here, you got to start somewhere. anybody who comes wup a solution. if it doesn't cover the full pad they slam
office. plus, raising taxes. >>> and tavis smiley, he is on a crusade. >> you can't have 1% of the people who own and control more wealth than the other 99% of the population. >> this is "piers morgan tonight." good evening, our big story tonight is really big, $550 million worth of money, powerball. you probably heard your odds of winning are one in 175 million, 223,000, 500 million in ten. and you are more likely to be crushed by a vending machine as you shake loose a candy bar. the odds of that, more than just 112 million. and many people, most of my staff included have bought tickets by the bucketload tonight. joining me now, this could be the quickest way to ruining your life. dave ramsey, the host of "the dave ramsey show" welcome. >> thank you piers, good to be with you. >> on the face of it. a good bit of fun everybody can hope and dream, what is wrong with that? >> well, the problem is several things. one is false hope, because as you said in your open analysis, you are more likely to be struck by lightning six times than win the ticket tonight. so this is just crazy. and the pro
and tax regulations, police codes, parking stations, revenue control equipment, licensing regulations, parking tax bonds, administrative citation process. you have a presentation by mr. greg kato, tax and treasurer's office and there kato is making the presentation at the request of supervisor campos' office. >> thank you, welcome >> thank you for your patience. >> thank you. good afternoon. the legislation before you today amends the business and tax regulations code with regard to enforcing the parking tax. our office would like to thank supervisor campos for carrying that legislation. this follows on the efforts of former supervisors mcgoldrick, dufty >> the parking tax is pretty significant tax for san francisco. it collects a little over $70 million a year in taxes. most of that is appropriated to the mta for transit programs, and so it's a very important tax. the legislation specifically amends how parking bonds are treated. parking bonds are required of operators to protect the city's interest and provide security for the taxes that the operator holds prior to remitting them
of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>neil: and if republicans thought there was wiggle room in the white house tax position no less than treasury secretary geithner put that to rest. >> rates and revenues, tax rates, tax rates, tax rates. higher rates. rates go up. tax rate increases. higher rates. rates will we have to go you. rating rates. tax rates going up. >>neil: we will have a quiz. what was he saying? a lot? that is the administration's way saying tax rates or take a hike. >>guest: the president is in an ideological position and geithner who is famous for not paying taxes is perfectly happy to carry white house water on capitol hill and on the tv shows and this, really
. >>> starting off tonight, taxes are the talk of the town and have been for daze. seems like much of the conversation is focused on the wealthy to get them to pay more. a new study by the tax foundation flips the argument over who really is paying their fair share on its head. the numbers show tax rate paid by individuals in income top 1%, was 23%. all filers in bottom 50%. paid 2%. that is 10 times more. joining me scott hodge. from tax foundation. we have also the founder. sqm management. thanks for joining us. scott, i want to start with you since the numbers are manying from your foundation. what is the average takes rate for our viewers and why did you decide to isolate this metric? >> this is brand new data out of the irs for 2010. the average for all americans is somewhere around 10 or 11% but for the wealthiest americans, those in the top 1%, those earning over say $370,000 a year, they're paying over 23% of their income in federal income taxes. as you mentioned, the poorest 50% of americans they pay an average 2% of the their income in taxes. but after all that doesn't in
taxes. which led to a budget crisis that congress solved by not solving it. (laughter) instead, they handed it over to something called "the supercongress" which couldn't fail because it was super. (laughter) unfortunately it was also congress so it failed. (laughter) and as a result -- (applause) as a result -- (applause) as a result, folks, we are facing another thing called sequestration which at first sounds like rationing the amount you can watch "sea quest." (laughter) but it's even worse than that. (laughter) sequestration is automatic spending cuts that both sides agree would trigger a new recession. it's like congress put a gun to the economy's head and swore it will pull the triger if congress doesn't put its own gun down. (laughter) it's kind of like a mexican standoff without any mexicans. (laughter) of course, obama's answer to this budget crisis is to raise taxes on the wealthy just because he ran on that promise. and won the election. (laughter) it's like he's totally disregarding my dismissive finger quotes. what part of this don't you understand president "o" b
is a possibility we could come back in january and say we will reinstate those tax rates for everybody except those people making more than $250,000. host: we have about 30 seconds. the likelihood these credits will be reduced. guest: it will be a crapshoot. host: steven sloan from politico. thank you thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] the prayer will be offered by our chaplain, father conroy. cap hehn conroy: let us pray. loving and gracious god, we give you thanks for giving us another day. help us this day to kragh closer to you so that with your spirit and your presence among us we all must face the tasks of this day. bless the members of the people's house. help them to think clearly, speak confidently and act courageously in the belief that all noble service is based upon patience, truth and love. you know well the pressing issues facing our nation. grant our leaders, especially, the wisdom to do what is best and may we all join in the common will for the benefit of all constitu
negotiations, and all you hear are about preserving tax cuts for the wealthiest americans. that just feeds into this lack of connecting to the middle class that's been a problem. >> here's your answer and it's difficult and nuanced. traditionally republicans economic message that resonated with the middle class is our taxes will be lower on you. democrats have co-opted on that. they promise taxes on the middle class but do it simultaneously with giving high spending that. cannot last forever so republicans have to make people realize that is a utopia that doesn't exist. you can't have low taxes and high spending that democrats are currently promising. >> we've had $520 billion spent on jobless benefits over the past five years, and i bet they are probably pretty evenly divided between republicans and democrats and the big message on government spending has been distorted because we've had a crazy recession. i want to bring in anna because the president built that winning location of african-americans, latinos and women. it's a gone primarily of rich white man. why not let the tax cuts expi
the fica tax you see on your paycheck. i will do some quick math here, mr. speaker. bear with me. 40.3% in federal taxes. the tax rate for every middle class american in the land. i ask you, mr. speaker, are tax rates too low? do you think you ought to work for the first five months out of the year just to pay your federal tax burden before you begin to pay your state tax burden, before you begin to pay your local tax burden, before you begin to actually earn money to pay for your food and shelter and clothing for your family? 40% is a marginal tax rate. 35%, mr. speaker, is the rate that that 1% are paying today. 35 cents out of every dollar earned by that top 1% today, at the marginal tax rate for those folks. now, a lot of folks don't realize taxes are already going up next year. the president's health care bill, that bill that i was not here to oppose it though i tried to repeal it, i haven't been able to get that through the senate, but the president's health care bill raises taxes come january 1. so on the top income bracket that the president wants to raise taxes even furt
out swinging. . >> raising tax rates will hurt the economy. >> i will not play that game. >> president obama standing his ground. >> i will not play that game. >> he's not willing to play that game. >> playing the smackdown. >> i think the president has boxed the republicans in. >> i know we have it to raise revenue. >> is he the only republican? >> i don't care how we do it. >> raising tax rates hurt the economy. >> let's just go over the [ bleep ] cliff. >> if they do not make this deal on tax rates for the top 2%, then they're going away. >> i just hope this doesn't become a game of chicken. >> i will not play that game. >> it goes into february and march. >> public opinion is on their side. >> when we have to raise the debt ceiling. >> i will not play that game. >> this is about gaining maximum leverage. >> we've gone through this before. >> some republicans believe that will give them more leverage. >> it's government at the brink all the time. >> these guys are not serious about negotiating. >> the next 72 hours are critical. >> i think we're going over the cliff. >> let's just g
the president's deal on taxes. house speaker, john boehner, is not happy. >> hell, no, you can't. >> anti-tax crusader, grover norquist attacking the wives of republican congressman? >> i hope his wife understands that commitments last a little longer than two years. >> tonight, lee saunders on the grassroots blast to pass the middle class tax cuts. >> small business owner, lou krantz, on his meeting with the president. congressman, steve israel, on the democratic momentum on the fiscal cliff. plus. >> karen finney on the new bizarre attack on ambassador, susan rice. >> all of the sudden, we are the bell of the ball. we are here to say, it's time to start to dance. >>> latino voters help put president obama over the top. now, the hispanic caucus says they want action. representative luis gutierrez joins me tonight. >>> good to have you with us. thanks for watching. president obama is selling his economic agenda and using all the right tools. the president was surrounded today by middle class taxpayers at the white house as he pushed for an extension of the tax cuts for income below $250,000.
. >> sean: we'll get into what, quote, unquote, revenue really means, and whether it includes tax hikes. as you just heard from the republican leadership they're offering up real solutions on how to avoid falling often the so-called fiscal cliff. the president however still thinks he's out there on the campaign trail, in fact using the exact same class warfare that we all grew accustomed to during the election. instead of offering up a single suggestion on how to cut spending or agree to any sort of meaningful entitlement reform, he's trying to finis frighten ye american people, that there's no other alternative other than raising taxes. watch. >> the place where we already had complete agreement right now is on middle-class taxes. as i've said before, we've got two choices. if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. >> sean: before president, if you don't lead, continue to do nothing, america's debt could continue to rise and we could easily hit $20 trillion in the coming years. i doubt very much that you ne
savings through the programs, address rising national expenditure. will have more to say on taxes, but we are ecstatic to have senator durbin here today who has played such a fundamental role over the last several years. been part of literally every negotiation that has taken place. he still an optimist, so i think that is a sign of progress. he has had a long history of being a champion and advocate for the middle class. he has carried that advocacy in the budget negotiations. part of the cu -- subcommittee, the gang of eight, became a six, almost every game that has been involved in these issues, and, but i think most importantly he has been a fighter for what's right and for having a plan that really stands true to the back of the american people and the people who voted and waited in line for hours, people who want a fair shake out of washington. and so, as a champion of that fair shake i'm excited to have senator durbin. [applause] >> neera, thank you very much for those kind words your elections as you say have consequences. politics is driven by a lot of things. candids that money
offer of spending cuts with which to balance the republican author of tax revenue increases. president obama, maintaining a highly believable effort of the white house and congress to resolve differences that would avoid the fiscal cliff. that is $1.2 trillion in automatic budget cuts and $600 billion in tax hikes that would result from the expiration on december 31, the consequences would simply be devastating. the economic impact on the country and the american people would mean the loss of hundreds of thousands, if not millions of jobs. the very likely onset of yet another recession. the white house timothy geithner on capitol hill today. he went there empty-handed to meet the party leaders. house speaker john boehner who has already offered to raise tax revenue finds himself not in a negotiation, but rather competing in the white house media campaign. this is how speaker boehner reacted earlier today to the demands of the white house that were laid out by timothy geithner in a closed-door meeting. the treasury secretary reiterating the president's call for $1.6 trillion in new tax
rate and raises $800 billion in new tax revenue by reforming the tax cut and closing loopholes. the plan rejects specifically raising tax rates, but it is significant that john boehner has gotten his entire leadership team, including congressman eric cantor, kevin mccarthy and even former vice presidential nominee and budget hawk paul ryan to publicly sign their names to a plan that through closing loopholes raises taxes. in an effort to give this offer more bipartisan credibility, speaker boehner said the plan is based on a proposal by former clinton chief of staff erskine bowles. bowles said he was flattered by the use of his name but satsz the proposal, quote -- so far, this greek fiscal drama has yet failed to return. the larger question for america, the play ends in tragedy on december 31st. joining me now from washington, is the president for -- president of americans for tax reform, conservative counter broker and the man who does not believe in unicorns, pink or otherwise, mr. grover norquist. grover, what a day to have you on the show. thanks for joining us. >> absolut
squarely at john boehner. $800 billion tax hike will destroy jobs, allow washington to spend more. as you all know, john boehner put an $800 billion tax hike as a center of his proposal. so john boehner got rejected from the white house, which wants another $800 billion on top of that in tax hikes and then rejected by the right wing of his own party which wants absolutely no tax hikes at all. so unlike harry reid, i actually feel genuine sympathy for john boehner. so kudos, speaker, for showing deserters or desenters who is boss. boehner stripped house members who opposed key committee assignments today. and earlier i spoke with one republican leader in the house who himself has been out of step with boehner in recent days. deputy whip congressman tom cole of oklahoma. he said the gop should agree to obama's proposal to extend bush tax rates for households that make less than $250,000. and they should do that deal right now, deal with the rest later. boehner said no way. and then tom cole said boehner should not offer a counterproposal to the fiscal cliff deal the president presented. boe
, accelerating all three quarters into one lump sum this calendar year before the proposed tax hikes would kick in for shareholders. that will be a total of 18 cents per share. again, their fiscal second, third and fourth quarter dividends that would have been all been paid in calendar 2013 will be paid out on december 21st. the next opportunity for the board to consider and approve a dividend will be after the earnings results for the fist quarter disturb first quarter, and that will be on august be 1st -- 31st. again, they're going to fast forward three quarters' worth of dividends, pay them out to shareholders now against possible higher dividend taxes in the new year. >> very interesting. david: it's taken at least three-quarters of a year e and putting it into this year. let me go to mark sebastian again. you have telegraphed that a lot of this thing was going to happen, but there's one stock that you very tantalizingly suggest may be about to do the same, and that is apple. tell us about what you've heard that apple might be dealing with dividends this way. >> absolutely. well, you know,
, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to deduct mortgage interest and not the interest they pay on their credit cards. some of these things are hard to explain. host: does it incentivize home buying? guest: it does provide some if incentive for buying a home and is a large tax break and gives them an enormous benefits. it mostly provides an incentive for buying a bigger house. it seems to incentivize mcmansions. there is a fair question of whether that is something we should be spending that much money on. host: let's go to ohio, robert is a democrat. caller: yes, my question is this. a question/comment. i have seen all these outbreaks been giving out. supposedly they were created for an incentive for them to hire more people. they were given as four years and years. a majority
on before the new year would raise nearly $1.6 trillion in new tax revenue including raising the top two marginal rates, ask for $50 billion in stimulus spending and a permanent end of congress' ability to prevent debt ceiling increases and nonspecified cuts to entitlement spending. phase two more friendly to republican interests calling for $400 billion in unspecified cuts to entitlement programs with no guarantees. the chances of this plan making it through congress may be lower than the chance of winning the botterball lottery jackpot. surprising no one, republicans acted with vague horror. mcmcconnell said he burst into laughter in front of geithner. an aide told nbc news it is a complete break from reality and orrin hatch told buzz feed, i don't think anybody will agree to that and john cornyn added, i don't think he's serious. the white house aims to negotiate down from the opening salvo to a happy immediate yum. it is a bold offier or "the huffington post" wrote -- who is this president and what have you done with barack obama? speaking of who, president obama is about to make ano
. ♪ >> chris: the president is demanding higher tax rates. congressional republicans want deeper spending would you tell us and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we'll ask the two men at the center of the negotiations, where we really stand. for the president, treasury secretary timothy geithner, for the g.o.p., house speaker john boehner. geithner and boehner, only, on fox news sunday. >>> plus we have seen this movie before. the two parties edging closer and closer to the brink. we'll ask our sunday panel whether we'll get a happy ending for an economic disaster. >>> and our power player of the week, a young beauty queen has to make a tough choice, all, right now on fox news sunday. ♪ >> chris: and, hello again from fox news in washington. well, we had quite a day around here, friday. with talks to avoid the fiscal cliff deadlock and everyone saying, the other side is to blame, treasury secretary geithner scheduled a round of interviews, then, friday afternoon, speaker boehner's office called to say he want
cable news channels. we are interested in facts. they do exist. tonight, the facts about taxes that the majority of americans established on election day. the nation's leading conservative paper is onboard. they now agree with the president who wants to let taxes go up on income on more than $250,000 a year. doing a deal to raise those rates. where all bush cuts on all tax brackets expire at the end of the year. that is something that gives president obama a lot of clout right now. you can agree or disagree with the president obama policy that is for you to decide. congressman happens to disagree strongly but recognizes that the political reality that all tax cuts will expire on january 1st. >> in my view, we all agree that we are not going to raise taxes on people that make less than $250,000. we should take them out of this discussion right now and continue to try to work for a bigger deal. >> congressman cole cubelal colr a lone voice for the conservatives. i'm quoting now, the fact is that republicans face a new political reality on taxes. president obama's position means t
's demand for higher taxes for the rich. that's good. he agreed in principle the rich must pay more. number three, there's talk for the republican leaders that they could vote to continue the tax cuts for the 98% now and therefore avoid the fiscal cliff and put off for now the top 2%. and the question then, let the debt ceiling not take effect. a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes
,000. and everyone is in agreement -- the republicans do not want to see the middle class go without this tax cut. so where we disagree, let us push that off. where we agree, let's embrace. further, we discussed again the long term effects of our deficit, which are directly tied to health care -- the work that has been done in the congress as it relates to constructing and exchange that will take place in 2014 and go into effect, and the tools that we provided a initially on a concept that by its very nature was one designed by republicans, that there is ample room for us to tackle the unbelievable rise in cost of health care to 17% of our gross domestic product by focusing on dropping those costs. most recently the president of aetna said very clearly -- not only if we drop those costs would we make health care more affordable, we would also deal with balancing our national debt. so these are all very constructive areas that we all should agree to. that the american public wants us to pursue. we remain optimistic because of the way the president has gone out there and is selling this concept, not on
which would trigger tax cuts and spending increases unless taxes increase on the top two percent of wage earnings. >> i want you you to understand when it comes to raising taxes on the wealthy. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthy. >> all right. it appears the very definition of the american dream is now being rewritten by president barack obama. now, today our commander-in-chief publicly said he's not going to play games with the fiscal cliff, but that is just not reality. right now the president is playing a very dangerous game of chicken and this is with your paycheck and the american dream. meanwhile, the republicans have allowed themselves to get caught in a circular firing squad. they're negotiating publicly among themselves while true conservatives and tea party members are being removed from key committees. today speaker john boehner adopted the president's class wawarfare rhetoric. shocking? watc
wants a $1.6 trillion tax increase, 50 billion and stimulus spending. and the white house has the ability to raise the debt ceiling without congressional approval. a very big deal for folks there. today, the president is out there, trying to drum up support among the public. not in washington or with congress or the senate. here is what he had to say. >> it is not acceptable to me, and i do not think it is acceptable to you for a handful of republicans in congress will middle-class tax cuts hostage simply because they don't want tax rates on pper income folks go up. gerri: it sounds like the same old, same old. the president has been making the same comments agai is this any way to sell a plan? >> there really is not. the president is not being serious about this. the fact that the president is out there campaigning on this rather than negotiating, it means that those that are negotiating, such as secretary geithner, they probably don't feel bound by what the president is saying. this is the first gammons and certainly not a serious offer. >> mitch mcconnell laughed out loud o
. the reason why we're here, a couple of things. we're focusing on the most taxed state in the country. in fact it got a little bit more so of at recent election. two propositions approved by voters. one calls for hike in taxes on so-called rich at 250,000 and over and another calls for hike in sales taxes that affects pretty much everyone. the argument went something like this. we cut pretty much all we could cut and we were still knee deep in a lot of messy stuff. so the only solution is to raise taxes and maybe get this economy moving. say what you will. california does seem to be showing the first seedlings of improvement. activity picking up here. home sales picking up here. retail sales picking up here. not dramatically. when a third of voters say things are getting better and they're more confident they will get better, well that might seem very anemic to you, it is double what it was a little more than a year ago. so progress in this western state where they seem to favor of late raising taxes more than they do cutting spending. just that spread to washington in era we're told with ongo
boehner told the president to leave the tax cuts for the rich alone. the president says he doesn't want to do that. he's going to stick with his plan to raise $1.6 billion in revenue and if republicans have something better they should be specific now. eric cantor said republicans are already going further than they did in the same spot in 2010. >> we have done our part. we have put revenues on the table, something we didn't do two years ago during the debt ceiling negotiations. >> we've seen some positive developments in the last several weeks, in terms of what republicans have been saying about the need for revenue as part of a balanced package. the president will continue to make the case that that is essential. >> reporter: so both sides saying revenue is on the table, now the fight is obviously to figure out where it's going to come from, how the government is going to make more money. democrats want it to come from increased tax rates on the rich, republicans would prefer to make that extra money by reforming the tax code and entitlements. bill: how is the president trying to rall
hearing tonight about outrageous demands from democrats where a $1.6 trillion tax hike and get this, a $50 billion economic stimulus program. ? i thought this was about cutting spending, not raising it. republican leaders rejected these offers, no surprise. my two cents? republicans ought to stick to their guns on this one, stay with the low tax and spending principles. the democrats are bluffing. when they talk about letting the tax cuts expire and bringing on a recession, i don't believe that bluff. president obama would become a herbert hoover with two recessions on his watch. he can't let that happen. obama did not be hoover. therefore the democrats cannot let all the tax cuts expire without a good deal. unfortunately the cliff talks have charities frightening. they're worried the deduction will be slashed. ivity a contrarian view about this that is going to surprise you on the charitable deductions. and if she wasn't already in enough hot water over the benghazi mess, there's a just breaking report out tonight u.n. ambassador susan rice has heavy jeismts in energy companies known for
's big tax hikes, companies and investors are cashing out. including one of president obama's biggest supporters. plus, as susan rice makes the rounds on capitol hill, we'll look at who could make up the national security team in president obama's second term. ♪ >> i am ready and able and willing and excited to go ahead and get this issue resolved in a bipartisan fashion so that american families, american businesses, have some certainty going into next year. >> i'm disappointed in where we are and i'm disappointed in what's happened over the last couple of weeks. the fiscal cliff is a serious business and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> welcome tt colonel, editorial report, i'm paul gigot, not a meeting of the minds between president obama and house speaker john boehner where talks to end the fiscal showdown ends. the president for his park took his place for the public and called for america and little cuts to entitlement spending something the speaker says must be part of any final deal. wall street journal c
percents of americans to pay more in tax after having 12 years of a special tax break, which was only supposed to be temporary. if you say yes vote for me. mitt romney says, no, we are going to caudle, protect that top 2%. we are not going to raise their taxes. so if you say no, vote for me. that was a choice. the american people overwhelmingly, overwhelmingly, margin of 5 million, voted for president obama. john boehner is acting as if we never had an election in the first place and the election doesn't mean anything. is the senator has passed a tax break and john boehner is saying no, we will let 98% of americans pay $2,000 more in taxes. we will give a tax increase. we will raise taxes on 98% of americans unless you give us another tax break for our buddies and millionaires and billionaires, the top 2% in the country. you can't blame even mitch mcconnell any more. it's john boehner who is standing in the way. he did so again the republicans give this babble. the president says what's your plan? what do you want to cut? close loopholes. what loo
security is, any of the retirement or tax issues, but i'll tell you this. i think that all these stories aren't necessarily going lead us to the truth. i personally have a very size way i'm approaching this. the president is supposed to leave for a 21-day vacation in hawaii on december 17th. where he is on december 18th will tell me, and i think the markets will pay attention. i find it hard to believe, and i agree with bill and many, who are very not amused by the house taking their long weekend. i'm sure that the president would have no intentions of leaving until these issues are resolved. i think the market is being kind, but i think it's a timing issue. >> yeah, i think that's a good point. somebody mentioned the other day that the president is planning a trip to hawaii on december 17th. i said, what? they said, no, no, no, not unless the deal is done. we'll see about that. meanwhile, the house goes away for a lock weekend. all right, rob. what do you think? you think we're going to get a deal done by the year end? >> i think there will probably be a deal done. i think you have to l
tax rates go up. at the same time, two dozen republican house members signed a bipartisan letter with democrats defecting from the boehner plan. in the meantime, a nice game for the day for the dow, but a stunning selloff for apple. do you know what? fiscal cliff or not, the s&p 500 is up 12% year to date. that is a handsome gain for investors, an optimistic year, believe it or not. and we already bailed out detroit's auto industry. but now, at least one motown politician is telling president obama he should bail out detroit bankrupt city government, too. this sure isn't the free market, and i asked why should a texas taxpayer bail out detroit? >>> breaking news from syria, and it is a blockbuster. the assad regime is walking and loading its chemical weapons, ready to use them on its own people. nbc's chief pentagon correspondent joins us now. jim, is this the red line president obama was warning about? >> well, not quite yet. u.s. officials tell us that the syrian military is poised to use chemical weapons against their own people, and all it would take really is the final order
recommendations in the report create 1.7 million jobs. everyone talks about taxes and what's going to happen with the fiscal cliff. in the last 10 years there's been $1,500 for every american consumer has gone to increased oil prices. $1,500. we're now talking about $2,000 take the tax cuts make a different for middle-class americans. you can get them that tax cut today if you invested in our report. and then everybody talks about entitlements. the social security administration trustees have said that high oil prices make the social security trust insolvent five years sooner than they would if you didn't have high oil prices. look, we all know what america needs. america needs jobs. america needs growth. following the recommendations in our report will lead to both of those. that's going to be good for the politicians, it's going to be good for the consumers, it's going to be good for american business. >> let me bring in the senators here to ask about -- i'll start with you, senator alexander. if you could just tell me a little bit about energy policy in this country and where it fits in i
for the thousands pass a middle-class tax cut which we approved here in the senate in july. as the days until the country goes over the fiscal cliff goes by, more and more republicans have joined our chorus. they recognize that the willing misto compromise sooner has put them in a real bind. so reasonable republicans are asking the house leadership to allow a vote on the senate-passed legislation. what was once a trickle has become more of a flood. last week republican representative tom cole said it was time to give middle-class families certainty their taxes won't go up by $2,200 on average on january 1. then tim scott from north carolina ad admitted that the senate-passed tax cut will surely pass the house since it will take only 26 republican ren votes for passage. i don't most of the time agree with david brooks but no one can dispute this columnist for "the new york times" is brilliant in writing. he's a great, great journalist and explains things so well. i really have great admiration for him. he wrote yesterday, "republicans have to realize they are going to have to cave in on tax ra
in facts, our goal is to show them to you honestly. so tonight, the facts about taxes that the majority of americans established on election day, and an even bigger endorsed in the polling. a leading republican lawmaker is on board. they now agree with the president who wants to let taxes go up on income, more than a quarter of a million a year. if mr. obama and the democrats get their way, doing the deal to avoid raising the rates and avoiding the fiscal cliff, where all tax cuts and brakes expire at the end of the year. that is an election, popular at the end of the year, certainly give president obama a lot of clout right now. you can disagree or agree with the policy. that is for you to decide. republican tom cole of oklahoma happens to disagree strongly. at the same time, he recognizes the political reality that all tax cuts will expire on january one, and no one wants to raise taxes on what would amount to 98% of all the taxpayers. >> in my view, we agree we're not going to raise taxes on people that make more than $250,000, we should just take them out of this discuss right now.
says the das avlable before the close should be devoted to raising taxes on the ridge. >> we're not goin to be ablto come up with a comprehensive tax reform package that gets it al done jst an next two weeks. ww arnot going to be able to come up with necessarily a comprehensive and thailand reform package thatcould sell the next two weeks. when you looked at wha arnol reagan did back in 1986, worki wi bill bradley and others, that was a year-and-a-half process. among let's put a downpaymmnt on taxes, let's let tax breaks and the upper-income folks go up. lou: president obama is loking to hide even more taxe to find more taxable victms beyond the so-called ich. but there are yet more conditionsas white ouse press secretary jay carney today reminded us. the president emnds any deal is dependent upon a hike in the nation det ceiling. carney says the debt ceiling is another issue the preident simply cannot bring himself to negotiate with those lowly republicans on the hill. and today began a new campaign of blame for the national debt directedat, yes, congress. me. >> your not go
do a rock launch page. molly, let's chat with you. there was a city hearing about applying hotel tax to your rentals. tell us about what happened. >> last wednesday, the tax collector called a hearing to discuss the applicability of the transient occupancy tax to short-term rentals and operators. we were concerned about this tax and its applicability to airbnb and our community. they showed up in great numbers at the hearing. our main concern is that we vote regularly to increase our own taxes. i do not think any of us are completely opposed to taxes. our concern is the tax code was written in 1961, long before the sharing economy existed, the internet, and the new thing we call airbnb. something that was written for corporate hotels and guests should not be applied to something that is entirely new, to permanent residents of san francisco who are occasionally renting out a couch or bedroom to a visitor, with whom the form great lasting friendships quite often. we announced that the entire city family take time to think about whether the existing laws should apply to the new activity
the issues of tax hikes and spending cuts that go into affect the first of the year. as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax revenue on the negotiating table , and some republicans have flat out repudiated their anti-tax increase pledge. the author of that pledge, grover norquist, here and we will ask him how it is that he came to be the villain in this piece, how it feels to be the subject of attacks from both the left and some on the right and what the future holds for those republicans who break their pledges to voters. also tonight, demonstrations for a sixth straight day in egypt. the united nations on statehood for palestinians tomorrow and the president's spokesman says the white house is not concerned with ambassador rice
house deficit reduction package. later, nancy pelosi addresses the fiscal cliff and middle- class tax cuts. tomorrow on ", washington "" robert -- "washington journal," robert van order on the mortgage loan forgiveness. adult'eman on being an with autism. plus, your emails, phone calls, and tweets. >> c-span, created by cable companies and venture 1979, brought to you as a public service by >> president obama talked about the so-called fiscal cliff and his proposal to end the bush era tax cuts. he spoke at a manufacturing facility in hatfield, pennsylvania, for about 25 minutes. >> thank you! [cheers and applause] >> well, good morning, everybody. everybody, please have a seat, have a seat. relax for a second. it is good to see all of you. hello, hatfield! it is good to be back in pennsylvania and it is good to be right here at connects. i want to thank michael airington and the inventor of connects, joel glickman, for hosting me today. where'd they go? stand up so everybody can see you guys. there you go! i just noticed, we got a couple of outstanding members of congress here. chaka
of the republican party today. with senator demint speaking on the idea that $800 billion of tax increases were offered. but he got the backing of mitch mcconnel. take a listen to what he had to say. >> i think it sis important tha the house leadership is trying to mov move it forward. i had hoped that we would be accomplishing more in the real talks. but i can tell you, there is nothing going on privately that is not going on publicly. even as he has to deal with this rebellion. he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered everything that i have and still get this thing passed. you know, i never hear the discussion about spending. i'm not saying you. it is abo
of dollars, but sharpton is in favor of raising taxes on the so-called wealthy maybe because he knows he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary of hillary clinton flew to dublin to hold a meeting with her russian counter part and u.n. enjoy to syria meeting to discuss how they would end the now 21-month long conflict in syria and how to move assad from power. and there's no sign they had to reverse the support, and today, a senior lawmaker says the syria government is now incapable of functioning properly. just before the meeting with the russian foreign minister, secretary clinton insisted that the united states and russia share
struggles with crisis our official representative may be a celebrity bungler. new taxes announcing, these are taxes no matter how the fiscal cliff works out. and larry ellison knows it and pays to avoid a dividend tax. gets 200 million dollars. i'm still shaking my head. ambassador anna wintour? "varney & company" is about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke hgoes with people he trusts, which ishy he trades with a company that doesn't nickel and dime im with hidden fs. he caworry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. i heard you guys can sp ground for ss than the ups store. that's right. i've learned the only way to get a holiday deal is to camput. you know we've be open all night. is this a trick to t my st? male announcer break frothe holiday stss. save on ground shipping at fedex office. >> ambassador anna wintour, it's got
, and some bad news, bad news you know. if you are in top 2%. taxes are going up, good news, maybe not up as much as you feared. welcome i am neil cavuto, it could be just one of those famous trial balloons. but indication tay that president obama is a little bit more flexible on the tax hike for the rich, at least than we thought, but he still want to doe i have tdestroy you rich pe, kidding, he doesn't toupee more but not clinton era more. 38%, that is potentially a significant development, it could be a deal maker, he is why, president says he -- republicans to give in on having rich pay more taxes, republicans could say as least as not as much more. in a sense, it splits the tax revenue difference. there is still a long way from the deal. but clearly sign yet that this president, who has been attacked for not being flexible on spending cuts, by not cutting anybody. what to make of it? tom fanning. and former bush front economic director todd. erin, what are we to make of this? do you get a sent from this, that this is the making of a middle ground deal? >> i think it is. i was up on c
at the top, the 2%, are safe. your bush tax cuts are going to keep on giving. one problem, mr. boehner, you lost. that was your position before the election, and you lost. mitt romney campaigned on keeping the tax cuts for the wealthy, and he lost. and he promised to do what john boehner is doing right now, and he lost. how about some respect for the electorate? how about seeing what the 2012 presidential debate was about? obama championed tax fairness and won. republicans championed protecting that 2%, ignoring the 47% he talked about, and they lost. today boehner said he's willing to raise revenues by the same amount he agreed to back in august of 2011, the last time they had this fight. again, he's willing to act like the election never happened. no wonder. again, he lost. joining me is joy reid of the grio and howard fineman of the "huffington post." joy, you're chuckling because it is weirdly true. it's almost like groundhog day, this guy, boehner, he's not a bad guy, but he's operating on a bad thought here. the election didn't happen. >> it's incredible. it's amazing watching john bo
decide what you're going to do now i once those taxes go up. and then when january 2nd come up, you get a committee together, and you solve the problem. i mean, how is that going to affect everyone when it comes to taxes? is it going to be the same, or will it be different? i mean, do we have to do it early? can we do it in january? >> guest: well, i would argue that there are two pieces to the fiscal cliff in that you have to do amt this year, and you -- because unless you really intend people to pay that additional tax. it would be very hard in the middle of the tax filing system to reverse that decision. now, you are, i think, correct in the second piece of the fiscal cliff. that is the tax rates that will apply next year. arguably, you don't have to take action this year, you have the whole of next year during which you can reach resolution to that issue. now, the only reason why i think that's an extraordinarily bad idea is i think it would be viewed quite unfavorably by the financial markets. and so you could see a reaction. and it is really bad tax policy to be legislating in
dollars in tax revenue by letting the high-income bush tax expire. that hatch matches the spending cuts in the 2011 debt ceiling deal. a trillion for a trillion. then dem krts and republicans get 6 billion worth of stuff they want. democrats get 6 billion from tax reform and republicans get 600 billion in spending cuts of which 350 mill billon comes from medicare and other health problems and 250 billion comes from elsewhere. then we draw down wars in iraq and afghanistan, shaving another trillion off of the deficit. that gets us to around 4 trillion in deficit over the next ten years. we are almost at 5 trillion in deficit reduction. as they sign the game shows, that's not all. the white house is also asking for about 200 billion in stimulus. according to the weekly standard, when senate minority leader mitch mcconnell saw the proposal, he quote, burst into laughter. he literally lol 'd. >> i've been very guarded in what i wanted to say. i didn't want it make it harder for me it say or the president or members of both parties to find common ground. but when i come out the day after the
they will be taxed at a much lower rate. take a look at the dow jones industrials. we are seeing triple digit gains for pretty much all of the session for the blue chips. money flowing into financials. citigroup is jumping. of nearly 6%. the story there, job cuts. 11,000 of them. leading to a billion dollars in savings. additional layoffs somewhere else down the line. investors are getting this move a thumbs up. we know it is tough for employees. the stock is up more than 7% today. bank of america, as you see, moving higher. the biggest gainer on the dow. jpmorgan solidly in the green. a totally different story at the nasdaq. down on the session. apple getting a 5% haircut at the moment. just under 5%. perhaps tied to the apple, samsung dispute. there is a big court hearing tomorrow. samsung is expected to ask the judge for a brand-new trial. apple down 22% from its september highs. right around the time where the iphone5 with release. the markets showing more conviction today. let's get right to the floor show. i rub, in chicago, i want to start with you. very shallow moves up and down. >> we are
company in pennsylvania today to call on congress to extend tax cuts for the middle class. president obama playing a little hardball accusing republicans of playing politics at the expense of american families. >> it's not acceptable to me and i don't think it's acceptable to for you republicans to hold tax cuts hostage because they don't want rates on upper folks to go up. >> john boehner scheduled a last minute news conference. fired back with this. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600 pennsylvania? >> well, good afternoon, craig. as you can see the holiday decorations are going up here at the white house. but it doesn't seem like anyone is in the holiday
that the republicans accept a hike in the marginal tax rate for those with income over a quarter million dollars a year. my view? obviously i agree with the white house on the substance and as i have said before, their hand gets stronger over time. but sometimes a new idea can change the dynamic. here is an idea that has been around for a long time, supported by james tobin way back and pushed by ralph nadar in a "washington post" op-ed this weekend. impose a tax on financial transactions. it will give us up to $100 billion a year, fail on a sector that has generateed enormous unwarranted profits for very few but benefited from huge bailouts the regulatory help but by and large escaped responsibility for their role in the financial cataclysm we're still struggling with. with me, dan gross author of "better, strong, faster." and brian beutler and eric bates. what's your take on this? how severe will the harm be to the economy if we do not have a deal by december 31st. >> the macroeconomic harm is not going to be that great. our economy is adaptable adjustable. these things take place over the course of
president obama hurt their bottom line? will higher taxes be as bad for businesses as some say? all that and everything in between from three top leaders. >>> yikes for yelp users. one woman post as scathing review of a business. now the owner is suing her for $750,000. does he have a case? he is here to make it. even when they say it's not it is always about money. melissa: first let's take a look at the day's market headlines of the congress doesn't open its mouth and stocks go up. are we listening politicians? better than expected jobless claims data and rebound in tech stocks helped lead the market higher. the dow gained 39 points hitting a new one-month high. >>> at&t customers listen up. your service may start sucking less. akamai technologies reached a deal to provide at&t's mobile network. it is expected to speed up delivery of digital content to customer's phones. akamai shares soared 10% on the news. >>> zynga bumped up because it is betting big on real life gambling. it filed a gaming license application in nevada. >>> to our top story tonight. exxon hates your children.
a month, nearly $400 billion in tax increases will combine with sequestration, more than $100 billion in mandatory across-the-board spending cuts over one year, to drag our nation over the so-called fiscal cliff. what those tax increases mean to an average american family of four earning $50,000 a year is over $2,000 in higher income taxes. add to that expiration of the alternative minimum tax patch, new taxes mandated by the federal health care bill, and the reinstatement of the death tax, which will impact the next generation of farmers, ranchers, and small business owners, which americans will see the largest tax increase in the history of our country. if all of this happens, the congressional budget office predicts the nation's economy will shrink next year and the unemployment rate could rise again. in other words, we go back into recession. i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue
, this is almost by design. i mean, policy makers designed the tax cuts to expire. they had spending cuts that were set to kick in. it all came together on january 1, 2013. to a large degree it was by design. the pressure of this generated a desert shield and that's the hooker. >> schieffer: but nobody thought either the white house or congress would be stupid enough to let all of this happen but here we are-- >> no, no, in my view, this is sticking soscript. this is exactly the way i think everybody thought it would go. they come together january 1, 2013 aprosmed, the pressure would begin to mount, wall street would begin to get nervous, presidencies would get nervous. we see groups like maya's group form because they don't want to see us go over the cliff. this is exactly, i think, what everyone anticipated. i am not panicked in the sense at the end-- >> schieffer: you think they'll actually do something. >> absolute, because if they don't-- >> schieffer: beyond kicking it down the road? >> absolute. if they don't address these issues, if they don't scale back the cliff and raise the debt ceiling
, timothy geithner blaming republicans saying they have to raise taxes in order to avoid going over the cliff. rich edson in washington with the latest, rich? >> they are stuck on this offer, which the white house says is less of an offer and the same position the administration staked out in its jobs bill and deficit proposal over the last couple years. half trillion in tax increases or trillion and a half in tax increases, $600 billion in spending cuts, more spending, and a permanent increase in the debt ceiling. on fox news sunday, boehner called that deal a joke. >> just flabbergasted. i looked, and said, you can't be serious? i just never seen anything like it. we got seven weeks between election day and the end of the year. three of those weeks have been wasted with the nonsense. >> okay. you heard them, the first time in two decades now, acknowledge they want revenues up as the balanced plan, a good first steppedded, but they have to say what they do operates and revenues. that's hard for republicans. >> runs of billions of spending cuts, tax increases begin in less than a mo
revenue. and that's supposed to come from raising taxes on the wealthiest. the president's plan asks for an extension of the payroll tax cut. and an extension of unemployment insurance benefits. it asks for a deferral of those automatic sequester cuts to defense spending and to local -- to domestic spend being. and it also asks, i love this one, a multi-year stimulus package, including $50 billion next year, much of that is going to go to recipients creating an infrastructure bank. the president also wants to refinance under water mortgages. and permanently increase the deposit limit without congressional approval every time. the president in bringing this list forward in his plan to resolve the fiscal cliff is just really going for it in this negotiation. he's aiming for the fences, and he has a mandate, folks, and he's not afraid to use it. here is representative jim chicago burn elaborate on the ground that theme today. >> us democrats ran with the president on this plan of his and we received democrats almost a milli
does not include a tax increase on the so-caldwell thee but does contain $800 billion in revenue through tax reform, another $600 billion in health savings and much more. all told, the net savings amount to around 2.2 trillion dollars. the white house responded to this letter by saying that the president is, quote, willing to compromise but not on the subject of making job creators pay more in taxes. however, what our tax and spend commander-in-chief fails to understand is that putting money into the hands of you, the american people, is the single best way to spur economic growth, and it's not just people like ronald reagan who understand this principle. bill clinton famously said the era of big government is over and the end of wel welfare as we know it. why? because government is not the answer. government is the problem. there was that other iconic democrat, the one that occupied the oval office in 1962. he spoke of the benefits of cutting taxes. president obama, i hope you're watching this. >> this can be the most important step we could take to prevent another recession. th
, middle class income, taxes, you name it, and you and your fellow house members are not going to work. >> well, wait, this is a 24-hour day job, seven days a week. i'm in new york tomorrow looking at the hospitals affected in hurricane sandy, and i feel like i need to do the ground work to investigate that for myself. gerri: you're doing work, but not all the people you work with in washington are. some are just taking time off before the holidays when this big issue is on the plate. nancy pelosi had to say about this. >> we should be here and came as a surprise, and i'm really surprised that the republicans would leave. we maim in tuesday, and we left wednesday at twelve o'clock noon. with all that needs to be done, avoiding the conversation, sounds like people don't want to be in town for some reason. gerri: does she have a right -- are the republicans trying to avoid the conversation? >> no, absolutely not. we had a hearing this morning in the joint economic committee on this issue, but, you know, it's difficult. it's a one-sided conversation. we have put proposals out in may. ther
end up in situations where they can't cover their insurance and their taxes and too often we lead to a situation where they have more leverage, more debt, than their home is worth by the time they're ready to sell that home. >> so you're saying because of that change, that's what resulted in the huge $2.9 billion. >> that is for many of these -- for most of the new loans that we're making, they're at this full draw and they -- the actuary predicts they're going to be enormous losses on those going forward because of this full draw feature. >> ok. and also, the last time you testified before the committee, we discussed the national mortgage settlement. can you talk briefly about the m.m.i. fund, how it's benefited from the settlement? >> in the most direct way it's benefited by well over $1 billion that came directly to the fund from that settlement. or that series of settlements. also important, though, is we put in place not just for fmplet h.a. loans but for -- f.h.a. loans but for every kind of loan that were serviced by the banks that were part of it, new standards for how the
. president obama with a big kind of pep rally at the white house to push those tax cuts for the middle class and republicans on capitol hill saying no, no, no, we hate the middle class. come on. let's give tax cuts to the rich! the millionaires and the billionaires, to the koch brothers and donald trump. we'll bring you up to date and give you a chance to sound off on the issues which i know you can't wait to do. you can do it by giving us a call at 1-866-55-press. you can join the conversation on twitter at bpshow on facebook, facebook.com/billpressshow. and if you really want to get into it with your fellow "full court pressers," go into the chat room. try it out. it is a lot of fun. go to current.com and click on the chat room and you are in! here we are. lucky day. thursday november 29 for somebody. >> it wasn't that lucky. you're still here. peter ogborn and dan henning good morning guys. leading team press with phil backert and cyprian bowlding. cyprian and i had our powerball tickets. we were ready, we were
, everyone, fox on stop of republicans folding fast when it comes to taxes. critics are saying they are taking away too much in leverage and essentially handing this whole deal, whatever happens on the fiscal cliff, to the democrats. here is what they considering, not only letting the top rate rise or finding an equal amount of taxes in other areas that would be the same effect. they considering a doomsday plan where house republicans would vote "present" on a bill that only extends the middle class tax cuts escaping blame for tax hikes on the 2 percent and wall street bigwigs are throwing in the towel and now calling the president's plan to hike taxes to the tune of $2.16 trillion double what originally called, credible. pore like incredible if you ask my next guests who are livid. michelle, what happened? >>guest: well, there is a reason why for some long the republicans are nicknamed the stupid party and the democrats are the evil party. there have been so many times the narrative that has been repeated over and over again where the republicans capitulate and rollover. what
. >> this is helping tax my own party headquarters and my own party members. i thank the executive to get to that. a recent attack on party colleagues and offices and constituency offices and staff threatened intimidation from loyalists, and if confirmed, all threats of political motivated violence will be triggered by republican attacks. >> discussing this for mr. david this morning, if it is unacceptable, all that staff were intimidated in any way comment and i know that the justice minister and i will continue to defend the ability of politicians in northern ireland to carry out their duties. >> questions for the prime minister? dr. julian lewis, number one, mr. speaker. >> before i answer my hon. friend's question i am sure the house will wish to join me in thanking the duke and duchess of cambridge on the wonderful news they are expecting their first child, the perfect piece of news to end and in court a -- extraordinary jubilee year. joining the question on afghanistan veteran global security from the al qaeda presence in afghanistan has been significantly reduced in large part the result o
>> good evening. i'm bret baier. much of the public debate focuses on taxes. democrat want to raise them on high earners. republicans don't. but there is another part of the equation that gets less attention. that is spending cuts. chief white house correspondent ed henry looks in to that tonight. >> reporter: pulling on the heart strings as if he were back on the campaign trail, president obama visited middle class family in virginia. >> a couple of thousand dollars means a couple months' rent for this family. >> once again, he was trying to frame the battle oaf the fiscal cliff as being all about taxes. with no mention of spending cuts. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. that is good for the american economy. >> republicans believe the reason the president is going light on spending cuts and demanding the budget deal include another increase in the nation's debt ceiling is clear. >> this isn't about getting a han
for an emergency, just in case. this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also argue he calls for a balanced approach but asking for about four times as much in tax hikes as there are in possible spending cuts, all of which on the spending cut front would come later: possible spending cuts, all of which on the spending confront will come later. he also wants to permanently do away with the congress approves debt limit, effectively giving himself a blank check to add as much the sequence to a national debt that already stands at $16 trillion. moments ago, speaker of the house speaker boehner saying that the democrats plan is not going to fly. >> the
my lips. no new taxes. >> read my lips, no new taxes. george h.w. bush hammered that mantra to win the white house in 1988. but just two years later, the reagan deficits were skyrocketing and president bush was forced to change his most famous line. >> long and bitter battle over the budget officially ended last night. president bush put his signature on the deficit reduction package, including $140 billion in tax increases. >> tax increases. that was a turning point for the modern republican party. the right wing went crazy. and george bush lost re-election. since then the party's been committed to never compromising on the tax issue, no matter the deficit. no congressional republican has voted for an increase in taxes since 1990. think about it. for nearly a quarter of a century, no new income taxes. in the current congress, 236 house republicans vowed never to raise taxes. 40 gop senators also kept that pledge. even president george w. bush, the man who got us into two wars we didn't pay for. the president who exploded our deficit. he insisted the solution to our problems were m
♪ imus in the morning ♪ >> attention, stock holders, there is a tax revolt brewing and you are going to win. good morning, everyone. tens of billions of dollars in extra dividend payments have been announced and the money will be paid this year, so, you avoid the expected dividend tax increase next year, that's a tax revolt sticking it to the president and the treasury. and here is a forecast that "varney & company" got right. the obama team wants to raise tax now, promises of entitlement reform later and ignore the debt. that's the fiscal cliff deal of the day and the market likes it and the numbers are 5, 16, 22, 23, 29, and the powerball is 6. you lost. the government won. "varney & company" is about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, . . >> . stuart: it's a modern day tea party. it's a revolt led by corporations. the wall street journal reports 173 companies announced they'll pay special dividends for shareh
getting rid of the bush tax cuts for the upper income? you know the key point from the campaign? in a letter to the president, gop leaders said they will continue to oppose and will not agree to them. in fact, they propose not to raise tax rates for the wealthy but to lower them. that's from speaker boehner who said this about the president's plan. >> i was flabbergasted. i looked at him and said, you can't be serious. i've just never seen anything like it. >> never seen anything like it? the president won the election on that premise. but speaker boehner he seemses to have forgotten that. >> they must have forgot and then republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is, roll over and do what i ask. we need to find common ground and we need to find it quickly. >> speaker boehner claimses he's looking for common ground. but right now he's not even in the right ballpark. his problem is that the political ground has shifted for him and his tea partyiers. joining me now is michelle cottle, washington correspondent for "
than me. >> obsession to raise taxes is not going to solve the problem. >> the right seems to be imploding. >> i'm proud of the campaign mitt romney and i ran. >> he looked less like monty hall and more like monty burns because he wants to inflict pain on the republican. >> the implosion is going to happen very, very slowly, day, by day, by day. >> i'm proud of our party. and i'm proud of mitt romney. >> it seems right here. >> we've seen some movement over the last several days amongst some republicans. >> we can probably solve this in about a week. it's not that tough. >> the next 72 hours are critical. >> today's wednesday and the house is going to leave today. ♪ surrender surrender but don't give yourself away away ♪ >> in case you needed reminding, it's 21 days to christmas, but just 27 days to the fiscal cliff. the president is john boehner are facing off for what couldçe a down to the wire nail-biter of a fiscal fight. indeed, the stakes are so high, the pressure so intense, that the house is calling it quits for the week. giving themselves another much deserve
plan contains 800 billion in new taxes, half of what the president was looking for. more importantly, the gop plan keep tax rates the way they are now. we know that is a deal maker for the tie-breaker for the presidents. joining me now, the man some democrats blame for the fiscal cliff impasse, grover norquist, president of americans for tax reform. and the many and as a finger to about fixing it, michael reagan, founder of the reagan group. i want to start with the republicans plan that they put on the table. they have been accused of doing nothing and all. they come up with their own plan which includes 800 billion in revenue from closing loopholes and eliminating deductions and then 1 billion in spending cuts. it is being rejected from the get go by democrats. grover, what do you say? >> i think the republicans had a very good plan called lorraine budget. they all voted for it in the house. it saves $6 trillion over the same decade, and they did not raise taxes and all. i really think of the president is not interested in compromising, and not sure it is wise with the republicans
. they do exist, our goal is to show them to you honestly. tonight, the facts about taxes that a majority of americans established on election day, and an even big erma jort endorsed in recent polling most recently, a leading republican lawmaker on board. they agree with the president who wants to let taxes go up on income more than a quarter million dollars a year. mr. obama and the democrats get their way, doing a deal to raise just those rates would avoid the fiscal cliff, where all bush era tax cuts on all tack tax brackets expire at the ends of the year. the election, popular opinion and more give president obama a lot of clout right now. and you can agree or disagree with the president's policy. that's for you to decide. republican congressmen tom cole of oklahoma disagrees stronsly. at the same time, he recognizes the political reality that all tax cuts will expire on january 1st and no one wants to raise taxes on what would amount to 98% of all taxpayers. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000. we should just take the
by the associated press shows 48% of those asked support letting tax cuts expire january 1st for those earning more than $250,000 a year, but extending them for everybody else. just 32% say the cuts ought to be extended across the board. joining us now to talk fiscal cliff and ramifications for all of us around here in the d.c. area, virginia congress member gerry connolly, a democrat representing annandale, parts of prince herndon county, fairfax, welcome, sir. we know the arguments by now, very familiar. the president wants to cut off the tax cuts for everybody making over a quarter million. john boehner and the house republicans would rather see deductions and hoop holes closed. why are you? are you with the president wholeheartedly on this? >> well, i certainly agree with the president that we need to let the top tax bracket expire. he ran explicitly on that. there weren't a lot of explicits in this presidential campaign, but that was one of them. i think it ought to be open to negotiation what the income threshold is. the president laid out 250. i think there's maneuverability there. i think t
protesting taxes spending. tea party catapult republicans to take control of the house of the -- house of representatives. republicans. welcome, everyone, i am charles payne hosting for neil cavuto. congressman, welcome to the show. in this move by representative boehner coming in to the newsroom. a the tea party is in trouble. there is no doubt about that. you think that john boehner is making a mistake by rejecting tea party? i think the speaker makes a mistake and the tea party is not a group that embraces serious tangibles of government that is traditionally work in this country. there are members of congress who got elected because, in fact, the tea party activists across the country were involved in the election. the tea partiers and outsiders -- i would remind john boehner that there was a time when he was the outsider that was an annoyance to the party leadership. i understand the speaker being annoyed when he has people within his caucus that are committed to a set of principles that they make it hard for him to make easy deals. but i would also remind him that people are not
, virtually all of the people in my office, 20 or so people, between payroll and income taxes they pay more than 30%. a number of the extremely wealthy people pay less than 15% and some pay less than 10% and some pay nothing. >> jon: this is because of capital gains and the cayman islands. >> the whole works. >> jon: and bags that are kept dangling. (laughter) >> you're getting warm. >> jon: exactly. what then about the argument where they say that's double taxation if you do capital gains and that will hurt investment. this is clearly something you also have to deal with at the magazine. >> well, we hope so, double taxation. >> jon: but is that a valid -- >> well, if somebody out there is making $70,000 a year at whatever their job they're paying income tax and payroll taxes. they're getting taxed twice, too. and in my own case i paid a very low rate in 2009 which i wrote about. practically all my capital gains came from bond, there was no double taxation there. >> jon: they're saying that unless the rich can pay less they won't invest in companies and america. that the job creators must b
tax cut to avoid the cliff for now. then come back with more leverage. to tie it to a hike in the debt ceiling. >> we are 23409 going play that game next year. if congress in any way suggests that they are going to tie negotiations to debt ceiling votes, take us to brink of default again, i will not play that game. >> republicans held their own meeting with small business owners denying they're trying to punt. >> i'll be here and available at any moment to sit down with the president to get serious abouting the problem. >> they noted the president has not scheduled any meetings with the g.o.p. leaders in weeks. not offered any counterproposal to boehner's plan from last week. >> a balanced approach the president has been asking for. now we need response from the white house. >> reporter: they continue to insist the impediment to the deal is boehner's tax revenue is not enough. the holdup is boehner took a position the day after the campaign that said we are willing to bring in revenue but not increase rates. >> reporter: two summers ago the president himself claimed he could raise more
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